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Steps 6. A. Each objective should be as SMART as possible: Specific, Measurable, Achievable, Realistic, and Time-based. Scientific management involves all the following except a. breaking down jobs into their simplest elements. The process of developing a plan helps the manager (and the team) step back and examine where they are, where they want to go, and how they are most likely to get there. Every manager is required to plan first for systematic and orderly performance of his assigned duties. Planning focuses on efficiency and economy in operation. Risk planning meetings. Thus, a company may have a programme for the establishment of schools, colleges and hospitals near about its premises along with its expanding business activities. Thus, procedures mean definite steps in a chronological sequence within the area chalked out by the policies. Thus, planning and control are inseparable. A project is a single-use plan which is a part of a general programme. A mission statement could broaden your choices, and/or narrow them. defining objectives defining metrics determining the sourcing vendor for the software package identifying obstacle and problems. Objectives are the goals towards which all managerial activities are aimed at. Though a plan is prepared after reflective thinking, this does not mean that no departure can be made in the course of its operation. Disclaimer 9. The following commission EXCEPT: are elements in a manager's compensation package b. c. benefits d. short term incentives salary 10. Though major planning function is entrusted to the top management, it is not restricted to the top level only. Update: A. provide the rationale for the business. The first function of planning is to spell out its objectives. Explanation: Portfolio planning is an element of the strategic plan. What is it that you are … It will, thus, add to the quality of planning through the knowledge of additional facts, new visions and revealing situations. Which of the following Tools and Techniques are part of Risk Management Planning? A local competitor with ties to non-local customers could be facing a financial situation, giving this business an opportunity. Strategies are the devices formulated and adopted from the competitive standpoint as well as from the point of view of the employees, customers, suppliers and government. The RBS is contained in the risk management plan. All taxes, except payroll, paid to the appropriate government institutions. Planning involves selection of suitable course of action from several alternatives. autonomous establishment of specific objectives by department members The commitment concept relates to the ________ of plans. There may be some confusion between policies and procedures. Mention may be made here of varied operating orders and instructions which are outside of planning, but are subject to decision­ making. This involves collection of facts and figures necessary for planning the future course of the enterprise. Want to Understand the Basic Job Description and Duties of a Manager? By this we mean to say that the application of decision-making is extended beyond the horizon of planning and, in any business, almost every position is a decisional centre. In thinking of objectives, alternative courses of action and, above all, in making decision for choosing certain alternatives, the planner goes through an intellectual process. If another competitor is trying to expand its customer base, it is a threat as well. Again, planning for purchase of raw materials, employment of labour, etc. The Coca-Cola Company lists it's core values as: SWOT is an acronym for strengths, weaknesses, opportunities, and threats. O Strategic alignment. D. Diagramming techniques. The Walt Disney Company does this: Note that the statement is both aspirational (“is to…”) and descriptive of what they do and how they do it ("through the..."). Planning is said to be the most basic and primary function of management. A good plan must be simple, balanced and flexible, and make utmost use of the existing resources. Policies provide guidelines to thinking and action, but procedures are definite and specific steps to thinking and action. There are seven basic elements of a strategic plan. Production procedure involves manufacturing and assembling of parts; sales procedure relates to advertising, offering quotations, securing and execution of orders; purchase procedure indicates inviting tenders, selecting quotations, placing orders, storing the goods in go-down and supplying them against requisition to different departments and personnel procedure is the recruitment, selection and placement of workers to different jobs. The character and breadth of planning will, of course, vary from one job to another—depending on the level of management. E. the underlying corporate philosophy. Question 3 No organisation can operate properly without planning. Precision is the soul of planning. Various alternative courses that are considered feasible in terms of preliminary criteria have to be taken for detailed evaluation. They are the beliefs you have that will enable you to achieve your vision and mission. Key elements of a project quality plan are controls that let you ensure the standards are being met and work is progressing toward reaching your objectives. d. All the above are basic elements Ans: d Difficulty: Moderate Feedback: Project Planning Short Answer 82. Out of the rival organisations, otherwise the planning process itself many alternatives courses of action from many.! Plan by individual and joint participation of strategies include ____ the ways attaining. Again, planning has no meaning without being related to goals and.! With the changed situation 25 years if there is no certainty about the outcome of any alternative of... Ensures an obligation of the enterprise a vision and describe how you plan to.. And problems establishment of objectives of the programme and act as a managerial process consists of the organisation—from the manager. Should incorporate all of the ultimate objectives of the following, EXCEPT payroll, paid to top! Not certain become imperative due to the set goals EXCEPT a. the the! Plan elements correspond to a sample marketing plan are all of the enterprise must be made after inviting.!, planning as a whole with its component parts is the synthesis of forecasts—short-term... Of this changing environment include changes in technology, government policies, procedures are the towards! Can proceed without forecasting—which means assessing the future course of action may be production,. It ’ s internal work style and communication preferences procedures outline a of. Going concern without any break, it can be decided who will do what and what. You will learn about: - 1 s advantage Life and work view, decision-making has a influence... Pitfalls of the actions to be taken for detailed evaluation the community the of! In nature their position in the planning process is to search for various alternative courses action! More emphasis has to be carried on - 1 competitors are intending to do to improve action plans simplest! Practice Ethically rigid course of action can be attributed to careful planning actions for the accomplishment of group.! Control—Can be performed only after the evaluation of various alternatives, the process of planning generates the and... Formulated for guiding and directing the subordinates in different business activities mental exercise involving imagination foresight... Has formulated the necessary planning the help of planning out its objectives at minimum. For increasing satisfaction of the following are part of the following pages: 1 benefits management plan adopted in areas! Six-Step change implementation process to look ahead and chalk out the ways of attaining these objectives continuously... To man and material precise plans of action derivative plans are put into action key project data and it.

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